Bitcoin Showing Minor Declines Amid Altcoin Drop
Many altcoins are experiencing significant price drops, with Avalanche leading the pack with a 12% decline, followed by APT, LDO, FIL, NEAR, and OP. The altcoin landscape has changed, with most charts now dominated by red.
Ethereum and Other Major Altcoins Down
Ethereum initially saw a spike to $2,100 on news of a spot ETH ETF filing by BlackRock. However, the second-largest cryptocurrency quickly lost value and is now trading $200 lower than the recent peak. Other altcoins like Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin, and Toncoin are also down by around 2-3% in the past 24 hours.
Solana, Cardano, Chainlink, MATIC, and DOT have experienced even larger declines of up to 8%, while Avalanche has seen the biggest drop among larger-cap altcoins, losing 12% of its value and approaching the $20 mark. The total crypto market cap has fallen by over $70 billion since the Thursday rally, dropping below $1.4 trillion on CMC.
Bitcoin’s Uncertain Position
Bitcoin surged by approximately $3,000 in a day, reaching an 18-month high at $38,000 on Thursday. However, the bears intercepted the move, causing it to lose value and dip below $36,000 later the same day. It has since recovered slightly but is currently trading just above $36,000.
With a market cap of $709 billion, bitcoin’s dominance over altcoins has grown to 51.7% as most of them have declined in the past 24 hours.
Hot Take: Altcoins Experience Significant Drops, Bitcoin Shows Minor Declines
While most altcoins have seen notable price drops, Bitcoin has only experienced minor daily declines. The altcoin landscape has shifted dramatically, with red dominating nearly all charts. Ethereum initially spiked following news of a spot ETH ETF filing by BlackRock but quickly lost value. Similarly, other major altcoins such as Binance Coin, Tron, Ripple, Bitcoin Cash, Shiba Inu, Litecoin, and Toncoin are down by around 2-3%. Bitcoin surged to an 18-month high before experiencing a significant drop and currently trading just above $36,000. Its market cap remains at $709 billion, and its dominance over altcoins has grown to 51.7% as many have declined in the past 24 hours.
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